Coldwell Banker president says move demonstrates industry's optimism

By Craig Young Reporter-Herald Staff Writer

Posted:
02/01/2013 08:09:31 PM MST

The decision-makers at Coldwell Banker Residential Brokerage recently demonstrated their optimism about the future of the real estate market in Northern Colorado with the purchase of the assets of Keller Williams Realty.

Coldwell Banker Residential Brokerage, which has 16 offices and 1,100 agents from Fort Collins to Pueblo, announced Jan. 10 that it had acquired the assets of CRES LLC, which previously did business as Keller Williams Realty of Northern Colorado.

According to Chris Mygatt, president of the Denver-based Coldwell Banker brokerage, Keller Williams previously had two offices in Fort Collins, one in Loveland and one in Greeley.

"They went through an ownership change in April of last year," he said, and the Loveland, Greeley and one of the Fort Collins offices closed.

He said Coldwell Banker will take over the 13,000-square-foot main Keller Williams office at 2580 E. Harmony Road and invest $400,000 "to make it a really signature showpiece."

Coldwell Banker's agents at the company's location on West Drake Road will join the CRES agents at the Harmony location, he said.

The company will expand its presence at its 100 W. 29th St. location in Loveland and at its affiliate office in Greeley, Mygatt said. The Keller Williams offices in Loveland and Greeley won't reopen.

The merger of the sales staffs is adding almost 100 agents to Coldwell Banker's team, he said, swelling it to about 200. And he hopes to bring that number up to 225 associates covering the three markets.

The Loveland office will go from about 25 agents to 35, he said.

"We're merging these cultures and these great agents, bringing them together to create a new culture and new opportunities for these agents," Mygatt said.

The CRES brokerage had sales of $333 million for the 12-month period ending Oct. 31, 2012, Mygatt said. Over that period, Coldwell Banker sold 9,000 homes for $2.9 billion in sales volume.

Mygatt said things are looking up after the real estate bust and recession.

"There is clearly an optimism around residential real estate," he said. "Not just from buyers and sellers, but also from agents as well as brokerages. Everybody is optimistic about what the next five-year cycle will bring."

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